Last updated: Apr. 23, 2014 
The deadline for individual tax returns for 2013 taxes is now May 5, 2014. The Canada Revenue Agency (CRA) extended the tax filing deadline 5 days to compensate for down time from the Heartbleed bug. CRA had turned off online services, including e-filing, due to security concerns related to the … Read more

Last updated: Apr. 9, 2014 
Hindsight is 20/20, so they say. Most small business owners can agree with that, particularly on the small business accounting front. Ask any small business owner what they wish they knew about accounting before they started their venture and you’ll feel like a young swab hunkering down over beers with a … Read more

Last updated: Mar. 26, 2014 
Many small business corporations, including farm corporations, use life insurance as a way to protect assets. 
 Premiums for permanent insurance on an organization’s principals aren’t deductible, so it would make sense that the proceeds are not taxable. 
 A policy’s net proceeds, which are the payout less the adjusted cost … Read more

Last updated: Mar. 19, 2014 
You likely developed a business plan when you started your business. If you applied for a start-up loan or other funding you would have had to present a business loan. However, when was the last time you looked at your business plan? Keep your business plan close at hand and refer … Read more

Last updated: Mar. 13, 2014 
In 1945, the Canadian tax return package was only 3 pages. Today, the T1 General is 4 pages, plus there’s a 4 page worksheet, 13 schedules and depending on your province of residence, an additional 2 to 5 pages for provincial taxes and credits. That’s up to 26 pages in the … Read more

Last updated: Mar. 5, 2014 
Does the success of your farm or business have the unwelcome consequence of a large tax bill to pay on your taxes for 2013? Are you concerned about personal liability from the risks of your business? Perhaps you’re asking yourself, “Is now the time to incorporate my business?” There are 3 … Read more

Last updated: Feb. 5, 2014 
Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get through this tax season and ensure you receive all the credits and deductions you’re entitled to. … Read more

Last updated: Feb. 2, 2014 
Proceeds of Insurance Tax Free to Shareholders Insurance can be complicated, but introducing tax implications related to corporate life insurance plans raises the complication factor enormously. There are 4 types of life insurance:
 Group term life insurance may be offered by a company or partnership for life and accidental death and … Read more